News in Numbers | Indian economy loses $58 billion annually due to road accidents
In other news, the Bharatiya Janata Party won 107 seats out of a total of 123 in local bodies elections in Gujarat
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What is it? Flipkart’s valuation, according to a mutual fund managed by Morgan Stanley, one of the e-commerce firm’s investors.
Why is it important? Morgan Stanley has slashed down the value of its shares by about 38.2% to $52.13 a share from $84.29 a share in the June quarter. The e-commerce firm’s valuation is down from $9 billion in the June quarter and is about a third of its valuation ($15 billion) when it last raised funds in July 2015. This is the fourth time the investor has marked down the value of its shares in the last nine months and comes at a time when Flipkart is looking to raise funds (reportedly, about $500 million to $1 billion) by the end of the year to compete with cash-rich Amazon in India.
Tell me more: Two other investors Valic and Fidelity marked down the value of their shares in Flipkart earlier this month by 11.3% and 3.2% respectively for the quarter ended August. Meanwhile, Flipkart Internet’s vice-president and private label head Mausam Bhatt and senior vice-president of engineering Peeyush Ranjan have quit the company. At least seven Flipkart employees (at the level of senior vice-president) have left the company this year.
What is it? The number of seats the Bharatiya Janata Party (BJP) won out of a total of 123 in local bodies elections in different parts of Gujarat.
Why is it important? This comes about a year ahead of the state elections in Gujarat and at a time when people seem to be polarised on the issue of demonetisation. This was by gaining 40 seats from the Congress, which managed to bag just 17 seats. The victory follows BJP winning 851 of 3,705 seats across 147 municipal councils and 17 panchayats in Maharashtra. The party’s candidates also won in 52 councils in the state. BJP leaders including Prime Minister Narendra Modi attributed the victories to people supporting its demonetisation move.
Tell me more: Five states - Punjab, Uttarakhand, Uttar Pradesh, Manipur and Goa - are due for elections early next year and it remains to be seen how BJP fares in these polls.
What is it? Loss to India’s economy due to road accidents every year, according to a study by the United Nations Economic and Social Commission for Asia and the Pacific.
Why is it important? This translates to about 3% of India’s gross domestic product (GDP) annually. It follows Japan ($63 billion) in value terms among 19 countries covered by the study in the Asia Pacific region while in terms of percentage to GDP, it comes behind Iran (6%). Last year saw the greatest increase in the number of accidents in five years. On an average, 55 accidents were recorded per hour killing 15 people (or one death every four minutes). The top 13 states account for 86.7% of all road accidents in India.
Tell me more: In the Asia Pacific region, 15,000 lives are lost due to road accidents per week (or one person every 40 seconds) and the loss to the GDP of these countries is $293,568 million annually.
Rs 18,110 crore
What is it? The potential additional costs Indian banks would have to bear annually due to the central bank’s introduction of incremental cash reserve ratio (CRR) of 100% on all deposits between September 16 and November 11, according to CARE Ratings.
Why is it important? This means despite a surge in deposits following the government’s demonetisation move, banks would not be able to earn on them either by lending or investing in government securities and instead, would have to bear additional costs. This is likely to hurt the finances of banks, which are already reeling under increasing bad loans. Before the CRR move, there were hopes that banks would cut lending rates after they reduced the deposit rates but now, there is uncertainty as to what would follow. It remains to be seen if there is a cut in interest rates in the next monetary policy review on December 9.
Tell me more: The incremental deposits with the banks during the period mentioned above were around Rs 3.24 lakh crore and CARE Ratings estimates the banks’ potential earnings to have increased by around Rs 25,205 crore (from lending and investments in government-securities). The difference between earnings from these incremental deposits and costs incurred would have been around Rs 7,100 crore.
What is it? The number of Indian Army personnel killed in a terrorist attack in Nagrota near Jammu on Tuesday.
Why is it important? This is the biggest attack on an Indian Army unit since the attack in Uri when 17 army men were killed on September 18. Heavily-armed terrorists stormed into an army unit and their attempt to create a hostage-like situation was foiled by the Indian army - 16 people were rescued. Three terrorists were killed in this incident. This raises questions as to how the terrorists managed to travel to Nagrota, if the security measures taken by India are adequate and how effective surgical strikes carried out by India in late September have been in deterring militant groups operating from across the border.
Tell me more: In another strike, terrorists attacked a Border Security Force patrol at Chamliyal (Samba district) where four army personnel were injured. Again, three terrorists were gunned down here.
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